Louvre Abu Dhabi developer seeks $1bn loan

Tourism and Development Company (TDIC) needs cash to replace existing funding facility
The Louvre Abu Dhabi is due to be completed in 2015
By Daniel Shane
Sun 13 Oct 2013 11:03 AM

Abu Dhabi’s Tourism and Development Company (TDIC) is in talks with banks for a $1bn loan to replace an existing funding facility, sources told Bloomberg.

Two bankers familiar with the matter told the news service that lenders have been requested to submit pricing for a deal to replace a $600m facility due to mature in December.

The firm, which is currently developing the Louvre and Guggenheim museum projects in the UAE capital, wants to pay less than the 1.35 percentage points over Libor that it pays on its current loan, one of the sources said.

In January 2012, TDIC announced that the Abu Dhabi Guggenheim is scheduled for completion in 2017, a year later than Foster’s Zayed National Museum and two years after Nouvel’s Louvre Abu Dhabi.

Speaking at an event in Abu Dhabi in November last year, 84-year old architect Frank Gehry, who designed the Guggenheim, joked that he hoped to see the project built in his lifetime: "I’m worried about if they are going to finish on time, so I can see it.”

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